This client is one of the world’s leading international aeronautical, space and defence industry companies. The organisation had a holding group governance structure based on four divisions and was formed from a number of existing European companies – all with a different approach to risk management. This resulted in numerous risk silos each with its own ecosystem, language and practices. This fragmented view of risk led to duplication of work especially when a group-wide view of risk was required.
Client management commissioned an internal programme to introduce a group-wide enterprise risk management framework which had been running with limited resources for around 12 months.
A key requirement of this internal programme was to develop a methodology capable of supporting both internal and external parties without compromising confidentiality of risk information. Unfortunately, the CRO had not been able to resolve this challenge.
Chris Burt was asked to review the client’s ERM transformation programme and provide advice and guidance on how to address some of the key issues that the client had not been able to resolve.
Our initial engagement was to review and challenge the client’s plans for an enterprise risk management framework. Within two hours of starting the engagement the client abandoned 12 months of previous risk planning work and adopted our suggested objective-based risk management methodology. (See Halex Consulting whitepaper
‘The risks of risk management’.)
Following our intervention, the client made rapid progress in developing and implementing its new enterprise risk management framework.
The client won Commercial Risk Management Team of the Year at the Risk Management Awards the following year.